10% Tax for Sports Betting Wagerers

The Minister of Finance, Prof. Mthuli Ncube, has proposed introducing a 10% tax on gross winnings for sports betting punters.

He announced this measure while presenting the 2025 National Budget at the Parliament of Zimbabwe in Mt. Hampden yesterday.

The new tax aims to boost government revenue and regulate the burgeoning sports betting industry.

The highly anticipated budget presentation, attended by President Emmerson Dambudzo Mnangagwa, comes as Zimbabwe forecasts a 2% economic growth rate by the end of 2024.

Prof. Ncube emphasized that the 2025 National Budget focuses on addressing extreme poverty through increased investment in key sectors like agriculture and mining. It also aims to curb inflation and stabilize the economy.

He highlighted the success of the Zimbabwean Gold (ZiG) currency introduced in April 2024, noting its contribution to financial stability and improved economic conditions. However, he acknowledged ongoing challenges, including a heavy debt burden and widespread power shortages.

President Mnangagwa’s presence at the budget presentation underscores the government’s commitment to tackling the nation’s economic hurdles.